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State and Territory governments have halted plans to progress eConveyancing interoperability. The Law Council of Australia has expressed its disappointment about the decision, pointing out the benefits greater competition and connection would bring to consumers.

President of the Law Council of Australia Tania Wolff says “Buying and selling property in Australia now relies on digital platforms known as Electronic Conveyancing Lodgment Operators (ELNOs). 

“These platforms are used for the vast majority of property transactions – whether that be a family purchasing their first home or a business acquiring a new factory or office space.” 

Wolff says the Law Council has supported reforms to boost competition between ELNOs and provide greater choice by permitting systems to work together and exchange data effortlessly.  

“Interoperability between ELNOs is critical to achieving that outcome. It would allow a subscriber on one platform to transact seamlessly with a subscriber on another.  

“State and Territory governments have been pursuing interoperability reform but have now announced that the regulator – the Australian Registrars’ National Electronic Conveyancing Council (ARNECC) – will not proceed with the Interoperability Program at this time,” says Wolff. 

“We are disappointed by this decision. We do not accept that the challenges of achieving interoperability outweigh the potential benefits to consumers and the broader property market. 

“Over many years, the Law Council and other industry participants have invested significant time and effort to progress interoperability.” 

Wolff has highlighted the fact that that interoperability promotes competition and innovation, lowers costs through greater efficiency, and keeps downward pressure on prices. 

“It would also enhance consumer choice and reduce the need for lawyers and conveyancers to subscribe to multiple ELNO platforms.” 

Wolff says that the Law Council will continue to work with ARNECC and governments to “ensure future regulatory settings support competition, efficiency, and the best outcomes for the profession and its clients”.